Housing boom “different this time” says SF Fed
House prices have been increasing in the last few years with some markets seeing strong gains. However the current conditions are not the same as in the lead up to the financial crisis although cannot be ignored. That’s according to the group vice president of the San Francisco Fed’s Economic Research Department Reuven Glick.
In a research paper he highlights the rise of median house prices to a 2006 peak before a 30 per cent decline through 2011. With prices back to near their pre-recession peak he notes that this time there is a “less pronounced” increase in the price-to-rent ratio and a decline in the ratio of household mortgage debt to disposable income.
While concluding that the current conditions are very different from those that led to the bust he advises that regulators and policymakers remain vigilant to avoid “a replay” of what happened before.
New officers for National Association of Realtors
At its annual conference the National Association of Realtors has announced its officers for 2016. Taking the reins as president is Tom Salomone from Coral Springs, FL. He’s a second-generation realtor with 40 years’ experience and is the owner of Real Estate II. The meeting of the board of directors also elected the association’s other officers including the 2016 president-elect, Californian realtor Bill Brown.
Apparently it’s not “too late” for Carole King to sell Idaho ranch
Singing legend Carole King is selling the Idaho ranch that has been her home for more than 30 years. The “It’s Too Late” and “I Feel the Earth Move” singer has listed the Robinson Bar Ranch for $9.9 million. The main property on the 128 acre ranch is a two-story log lodge with five bedrooms, two bathrooms and a commercial grade kitchen. The LA Times reports that there is also a detached recording studio, caretaker’s house, guest cabins, equestrian facilities and two pools.